The Future Ain’t What It Used to Be: New Tax Guidance Issued for Cryptocurrencies

The Future Ain’t What It Used to Be: New Tax Guidance Issued for Cryptocurrencies | JD Supra

On October 9, 2019, the US Internal Revenue Service (IRS) issued its first guidance on the tax treatment of cryptocurrencies in at least five years. The guidance includes Revenue Ruling 2019-24 (Ruling) and a set of frequently asked questions (FAQs) for taxpayers who transact in virtual currencies and hold them as investment.